The Governor of the Bank of Ghana, Dr Johnson Asiamah, has dismissed allegations that the central bank is deliberately manipulating the exchange rate to cause the cedi’s recent appreciation.
Addressing participants at the Ghana CEO Summit in Accra on Monday, May 26, 2025, Dr Asiamah credited the currency’s performance to strong macroeconomic fundamentals.
“Our cedi has appreciated by 24.1% against the US dollar. I want to stress that the Central Bank is neither using international reserves to support the Cedi nor orchestrating an artificial or unsustainable rise,” he stated.
Further, he explained that the cedi’s resilience stems from prudent monetary policy, targeted forex reforms, increased remittance inflows, and improved market oversight.
“These are not temporary fixes but strategic, structural reforms designed to promote long-term stability,” he noted.
The cedi’s recent sharp gains have fuelled speculation that the central bank may be intervening to influence its value.
